My grand kid had 167.00 and gave it to me to trade. I traded it up to just over 2k in about 2 weeks and put the proceeds in his college fund. I also explained to him that you can lose your ass in the Market. Hopefully I haven't created a monster.
Someone that only has $1000 to trade, whether licensed or not, newby or not, has maybe a 1 in 1000 chance of making it. I have three strategies, they trade strictly intraday, that might be able to build the account to 10k before losing the initial investment. Short term, low risk, high frequency intraday strategies are the key, and of course one needs enough BP. I don't know of any firms that are willing to accept that deal. One of the challenges is that when a trader has little or no money up, they have little to lose, so they take bigger risks, especially if they start to lose on a few trades, and will likely lose much more than their initial deposit.
Exactly! Who would want to take the risk of someone who has nothing to lose? ET is the epitome of what is wrong with most traders today. The idea that you can start trading with so little money is laughable at best. That's akin to me saying I'm going to become a brain surgeon after taking a weekend course. Or I think I'll be an airline pilot because I just read a book on flying. Only on ET can people have such deluded dreams and actually be completely serious about it. How about this. How about putting together a resume and getting a job. No, not a job at McD's, but at a trading firm. Why not swallow your f*cking pride and pretend for a minute you don't know everything there is to know in the world and maybe this edge you think you have that is going to make you millions, maybe it's total crap. Send out 1,000 resumes to every city in the country. Hell, send them out overseas if you have to. Get a freaking job, get a salary and learn from people who are actually doing this for a living. God, I get a migraine from all these posts, there must be hundreds a day, where I can trade with 5k, 1k, 500, whatever. Who will back me, who will do this for me, where can I go to get a billion dollars in buying power. LOL. Seriously, am I the only one that is annoyed by reading this shit. I know, I know I don't have to read it and it would be easy to avoid if they were not on every single freaking thread. Look, I'm giving you some great advice here. Take your 1k and spend it on stamps and send out as many resumes as you possibly can. It's not that hard. Save up some money, and learn as much as you can.
Just curious... did you buy an option contract or was that a forex grand slam? Was he over 18 at the time or was it... gasp... an UGMA account? I once ran $800 to $7200 in a few months trading strictly stocks but that was '99.
------------------------------------- Here is my comment to YOU a while back when you told us all about your interest in beginning to trade again. http://www.elitetrader.com/vb/showthread.php?s=&threadid=63983&perpage=6&pagenumber=3 You decided to ignore the advice and me....not a problem, but interesting to see how it has "worked out" for you to date. Now here we are a while later, you have lost about 3/4 of your account and yet you STILL haven't learned your lesson AND you have the guts to suggest to another wannabe trader that it is perfectly OK to trader undercapitalized. Pretty friggin amazing!! Good job, keep up the great work mentoring new traders. Steve